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Questions for Exam: Aggregate Supply and Aggregate Demand, Exámenes de Derecho
A series of questions related to the aggregate supply and aggregate demand model. The questions cover various aspects of the model, including the factors affecting the slope of the aggregate supply function, the impact of government expenditure and labor reforms on the aggregate supply and demand, and the differences between expansionary fiscal and monetary policies. The document also includes calculations based on an economy with given aggregated supply and demand functions and adaptive expectations.
Tipo: Exámenes
2012/2013
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Questions for preparing exam
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(b) Shifts the aggregate demand to the right
(c) Shifts the aggregate supply to the left
*(d) Shifts the aggregate supply to the right
- In the aggregate supply and aggregate demand model, what are the differences between the expansionary fiscal and monetary policies on the medium run equilibrium? (a) Both types of policies have the same medium run effects
(b) The two policies differ in that the expansionary monetary policies have no effect on the price level, while expansionary fiscal policies result in an increase of the price level in the medium run.
(c) The two policies differ in that expansionary monetary policies have no effect on the price level nor on the output level, while expansionary fiscal policies result in an increase in the price level and an increase in the output in the medium run
*(d) The two policies differ in that expansionary monetary policies have no impact on the interest rate, while expansionary fiscal policies result in an increase in the interest rate in the medium run.
- Consider the aggregate supply and aggregate demand model studied in class. Assume that the Central Bank reduces money supply by 10% through an open market operation. Compare the medium run equilibria before and after the change in the supply of Money. Which of the following statements is correct?
(a)The price level will decrease 5%.
*(b) The price level will decrease 10%.
(c) Real GDP will decrease 5%.
(d) Real GDP will decrease 10%.
For questions 21 through 24. Consider an economy characterized by the following aggregated supply and demand functions:
where , and is the price level expected by workers.
In January 2009 the economy is in a short run equilibrium with output below the natural level of output and a price level below the one expected by the agents in the economy. For example, you can think of this economy as the situation at the beginning of a crisis, after suffering a decrease of investment in December of 2008 that has taken the economy away from its medium run equilibrium. Assume also that, each month, workers revise their expectations according to the following criteria: the expected price level for a given month is equal to the equilibrium price level of the previous month (this expectation formation is called adaptative expectations ).
Under the assumption that the government does not implement any economic policy, answer the following questions. Use one decimal point in your calculations.
- The short run equilibrium in January 2009, when the expected price level is equal to 2, is characterized by:
(a) A price level above 2.
(b) A price level equal to 2.
(c) A price level between 1 and 2.
*(d) A price level equal to 1.
- Assume now we are in February 2009. Agents now can adjust their expectations on the price level, and they do so following the adaptative expectations rule. Calculate the new short run equilibrium.
*(a) The price level in February 2009 will be below.
(b) The price level in February 2009 will be between 1 and 2.
(c) The price level in February 2009 will be above 10.
(d) The price level in February 2009 will be equal to 10
- Consider now the medium run equilibrium, in which agents do not make mistakes when predicting the price level.
*(a) The price level will be between 0.5 and 1
(b) The price level will be between 1 and 2.
(c) The price level will be equal to 1.
(d) The price level will be below 0.5.
For questions 10 and 11. Consider the aggregate supply and aggregate demand model studied in class. We want to understand the consequences of a permanent and unexpected “oil shock” (and increase in the price of oil).
- Think first on the short run consequences. To be more precise, think on the initial period in which the shock appears. In this period,